EX-99.1 2 v42248exv99w1.htm EXHIBIT 99.1 exv99w1
Exhibit 99.1
Press Release
For Immediate Release
         
 
  Contact:   Christopher D. Myers
 
      President and CEO
 
      (909) 980-4030
CVB Financial Corp. Reports Second Quarter Earnings
Ontario, CA, July 16, 2008- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced the results for the second quarter of 2008.
Net Income
CVB Financial Corp. reported net income of $17.2 million for the second quarter ending June 30, 2008. This represents an increase of $1.2 million, or 7.51%, when compared with net earnings of $16.0 million for the second quarter of 2007. Diluted earnings per share were $0.21 for the second quarter of 2008. This was up $0.02, or 8.36%, from diluted earnings per share of $0.19 for the same period last year. The net income for the second quarter of 2008 includes a provision of $3.0 million for credit losses. There was no such provision in the second quarter of 2007. Had we not made a provision in the second quarter of 2008, our net income would have been $19.3 million, an increase of $3.3 million, or 21.13%, compared to the second quarter of 2007.
Net income for the second quarter of 2008 produced a return on beginning equity of 15.27%, a return on average equity of 14.85% and a return on average assets of 1.07%. The efficiency ratio for the second quarter was 56.06%, and operating expenses as a percentage of average assets were 1.90%.
Net income for the six months ending June 30, 2008 was $33.3 million. This represents an increase of $2.2 million, or 7.20%, when compared with net earnings of $31.1 million for the same period of 2007. Diluted earnings per share were $0.40. This was up $0.03, or 8.18%, from diluted earnings per share of $0.37 for the same period last year. The net income for the six months of 2008 includes a provision of $4.7 million for credit losses. There was no such provision in the first six months of 2007. Had we not made a provision in the first six months of 2008, our net income would have been $36.7 million, an increase of $5.6 million, or 18.16%, compared to the same period in 2007.

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Net income for the six months ending June 30, 2008 produced a return on beginning equity of 15.78%, a return on average equity of 14.88% and a return on average assets of 1.06%. The efficiency ratio for the six-month period was 56.11%, and operating expenses as a percentage of average assets was 1.87%.
Net Interest Income and Net Interest Margin
Net interest income, after provision for credit losses, totaled $45.5 million for the second quarter of 2008. This represents an increase of $7.2 million, or 18.81%, from the $38.3 million for the same period of 2007. This increase resulted from an $11.0 million decrease in interest expense, offset by a $0.8 million decrease in interest income and a $3.0 million increase in the provision for credit losses. The decrease in interest income was primarily due to the decrease in interest rates, partially offset by the growth in average earning assets. The decrease in interest expense was due to the decrease in the cost of interest bearing deposits and borrowed funds, partially offset by the increase in average borrowed funds.
Net interest margin (tax equivalent) increased from 2.92% for the second quarter of 2007 to 3.43% for the second quarter of 2008. Total average earning asset yields decreased from 6.13% for the second quarter of 2007 to 5.69% for the second quarter of 2008. The cost of funds decreased from 4.21% for the second quarter of 2007 to 2.95% for the second quarter of 2008. The increase in net interest margin is due to the cost of interest-bearing liabilities decreasing faster than the decrease in yields on earning assets.
Net interest income totaled $87.9 million for the six months ending June 30, 2008. This represents an increase of $9.9 million, or 12.64%, from the net interest income of $78.0 million for the same period in 2007. This increase resulted from a $16.3 million decrease in interest expense, which was offset by a $1.7 million decrease in interest income and a $4.7 million increase in the provision for credit losses. Net interest income before the provision for credit losses increased $14.6 million, or 18.66%, for the first six months of 2008. The decrease in interest income was primarily due to the decrease in interest rates partially offset by the growth in average earning assets. The decrease in interest expense was due to the decreases in interest rates on deposits and borrowed funds partially offset by the increase in average borrowed funds.
The net interest margin (tax equivalent) increased from 2.97% for the first six months of 2007 to 3.34% for the first six months of 2008. Total average earning asset yields have decreased from 6.16% for the first six months of 2007 to 5.80% for the first six months of 2008. The cost of funds has decreased from 4.18% for the first six months of 2007 to 3.20% for the first six months of 2008.
Balance Sheet
The Company reported total assets of $6.45 billion at June 30, 2008. This represented an increase of $317.8 million, or 5.18%, over total assets of $6.14 billion as of June 30, 2007. Earning assets totaled $6.07 billion and were up $364.4 million, or 6.39%, when

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compared with earning assets of $5.70 billion as of June 30, 2007. Total deposits and customer repurchase agreements were $3.61 billion as of June 30, 2008. This represents a decrease of $152.0 million, or 4.04%, when compared with total deposits and customer repurchase agreements of $3.77 billion at June 30, 2007. Gross loans and leases totaled $3.52 billion at June 30, 2008. This represents an increase of $213.0 million, or 6.45%, when compared with gross loans and leases of $3.30 billion at June 30, 2007.
Investment Securities
Investment securities totaled $2.50 billion at June 30, 2008. This represents an increase of $153.5 million, or 6.55%, when compared with $2.34 billion in investment securities at June 30, 2007.
CitizensTrust
CitizensTrust has approximately $2.5 billion in assets under administration and $807 million in assets under management. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning. Income from CitizensTrust was $2.0 million in the current quarter, up $228,000 from the $1.7 million in the second quarter of 2007.
Loan and Lease Quality
The credit quality of the loan portfolio remains solid. The allowance for credit losses increased from $30.2 million as of June 30, 2007 to $37.3 million as of June 30, 2008. The increase was primarily due to the provision for credit losses of $4.0 million in the fourth quarter of 2007 and $4.7 million in the first six months of 2008. During the first six months of 2008, we had loan charge-offs totaling $685,000 and recoveries on previously charged off loans of $246,000. This resulted in net charge-offs of $439,000. By comparison, during the first six months of 2007, the Company had net charge-offs of $164,000, and no provision for credit losses. The allowance for credit losses was 1.06% and 0.92% of total loans and leases outstanding as of June 30, 2008 and 2007, respectively.
At December 31, 2007, we had $1.4 million in non-performing loans. As of March 31, 2008, we had $2.7 million in non-performing loans and we had $12.3 million in non-performing loans at June 30, 2008, or 0.35% of total loans. The non-performing loans consist of $9.8 million in residential construction and residential land loans, $1.7 million in single family mortgage loans, $0.5 million in commercial loans and $0.3 million in consumer loans. In addition, we had $1.1 million in Other Real Estate Owned. The OREO represents a foreclosed condominium project. The majority of the loan amount was charged-off in December 2007.
At December 31, 2007, we had loans delinquent 30 to 89 days of $2.2 million. This increased to $18.2 million at March 31, 2008 and decreased to $1.0 million at June 30, 2008. Of the March 31, 2008 delinquencies, $1.8 million became non-performing at June 30, 2008 and the remaining were brought current. As a percentage of total loans, delinquencies were 0.06% at December 31, 2007, 0.53% at March 31, 2008 and 0.03% at June 30, 2008.

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Our construction loan portfolio totaled $333.3 million as of June 30, 2008. This represents 9.45% of our total loans outstanding at the end of the quarter. Of the $333.3 million, $120.2 million is for residential construction and residential land loans. This represents 36.07% of the construction loans outstanding, or 3.41% of our total loan portfolio. Of note, 32.26% of our construction loan portfolio is based in the Inland Empire.
Stock Repurchase Program
At the July 16, 2008 board meeting, the Board of Directors approved increasing the amount of shares in the Company’s repurchase program to 10 million shares. “Due to the tremendous amount of short selling in the financial services sector, the Board felt that it was appropriate to increase our capacity to repurchase our shares,” said Chris Myers, President and CEO.
Corporate Overview
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California. It serves 40 cities with 44 business financial centers and 3 commercial banking groups in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its leasing division, Citizens Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.
Safe Harbor
Certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the impact of changes in interest rates, a decline in economic conditions, adverse changes resulting from natural and manmade disasters, effects of government regulation and increased competition among financial services providers and other factors set forth in the Company’s public reports including its Annual Report on Form 10-K for the year ended December 31, 2007, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.
###

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CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)

dollars in thousands
                         
    June 30,     December 31,  
    2008     2007     2007  
Assets:
                       
Cash and due from banks
  $ 110,966     $ 142,699     $ 89,486  
 
                       
Investment Securities available-for-sale
    2,490,677       2,344,537       2,390,566  
Investment Securities held-to-maturity
    7,380              
Federal funds sold and Interest-bearing balances due from depository institutions
    475       3,070       475  
Investment in stock of Federal Home Loan Bank (FHLB)
    90,987       83,392       79,983  
Loans and lease finance receivables
    3,516,243       3,303,273       3,495,144  
Less allowance for credit losses
    (37,310 )     (30,244 )     (33,049 )
 
                 
Net loans and lease finance receivables
    3,478,933       3,273,029       3,462,095  
 
                 
Total earning assets
    6,068,452       5,704,028       5,933,119  
Premises and equipment, net
    45,206       46,391       46,855  
Intangibles
    12,815       8,944       14,611  
Goodwill
    55,097       60,357       55,167  
Cash value of life insurance
    105,644       101,222       103,400  
Other assets
    55,666       72,433       51,325  
 
                 
TOTAL
  $ 6,453,846     $ 6,136,074     $ 6,293,963  
 
                 
 
                       
Liabilities and Stockholders’ Equity
                       
Liabilities:
                       
Deposits:
                       
Demand Deposits (noninterest-bearing)
  $ 1,281,838     $ 1,340,495     $ 1,295,959  
Investment Checking
    346,916       334,229       409,912  
Savings/MMDA
    861,337       912,001       868,123  
Time Deposits
    723,542       921,756       790,355  
 
                 
Total Deposits
    3,213,633       3,508,481       3,364,349  
 
                       
Demand Note to U.S. Treasury
    77       4,754       540  
Customer Repurchase Agreements
    400,306       257,475       336,309  
Repurchase Agreements
    250,000       250,000       250,000  
Borrowings
    1,994,850       1,561,000       1,753,500  
Junior Subordinated Debentures
    115,055       115,859       115,055  
Other liabilities
    45,731       43,621       49,262  
 
                 
Total Liabilities
    6,019,652       5,741,190       5,869,015  
Stockholders’ equity:
                       
Stockholders’ equity
    439,912       420,217       420,818  
Accumulated other comprehensive income (loss), net of tax
    (5,718 )     (25,333 )     4,130  
 
                 
 
    434,194       394,884       424,948  
 
                 
TOTAL
  $ 6,453,846     $ 6,136,074     $ 6,293,963  
 
                 

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)

dollars in thousands
                                 
    Three months ended June 30,     Six months ended June 30,  
    2008     2007     2008     2007  
Assets:
                               
Cash and due from banks
  $ 100,568     $ 122,164     $ 104,223     $ 123,289  
Investment securities available-for-sale
    2,550,132       2,404,257       2,468,525       2,457,960  
Investment securities held-to-maturity
    7,463             6,790        
Federal funds sold and Interest-bearing balances due from depository institutions
    1,958       155       1,627       299  
Investment in stock of Federal Home Loan Bank (FHLB)
    89,043       81,657       86,880       80,852  
Loans and lease finance receivables
    3,438,189       3,145,131       3,410,981       3,102,396  
Less allowance for credit losses
    (35,635 )     (27,856 )     (34,770 )     (27,788 )
 
                       
Net loans and lease finance receivables
    3,402,554       3,117,275       3,376,211       3,074,608  
 
                       
Total earning assets
    6,051,150       5,603,344       5,940,033       5,613,719  
Premises and equipment, net
    46,176       46,017       46,475       45,746  
Intangibles
    13,163       9,175       13,612       9,468  
Goodwill
    55,097       31,805       55,114       31,669  
Cash value of life insurance
    104,918       100,891       104,353       100,548  
Other assets
    75,019       87,686       72,492       86,842  
 
                       
TOTAL
  $ 6,446,091     $ 6,001,082     $ 6,336,302     $ 6,011,281  
 
                       
 
                               
Liabilities and Stockholders’ Equity
                               
Liabilities:
                               
Deposits:
                               
Noninterest-bearing
  $ 1,248,113     $ 1,268,150     $ 1,236,720     $ 1,275,906  
Interest-bearing
    1,997,510       2,120,022       2,024,069       2,117,099  
 
                       
Total Deposits
    3,245,623       3,388,172       3,260,789       3,393,005  
 
                               
Other borrowings
    2,530,603       2,062,509       2,434,881       2,070,300  
Junior Subordinated Debentures
    115,055       108,501       115,055       108,376  
Other liabilities
    90,148       42,883       74,946       41,084  
 
                       
Total Liabilities
    5,981,429       5,602,065       5,885,671       5,612,765  
Stockholders’ equity:
                               
Stockholders’ equity
    442,203       407,000       437,234       409,043  
Accumulated other comprehensive income (loss), net of tax
    22,459       (7,983 )     13,397       (10,527 )
 
                       
 
    464,662       399,017       450,631       398,516  
 
                       
TOTAL
  $ 6,446,091     $ 6,001,082     $ 6,336,302     $ 6,011,281  
 
                       

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollar amounts in thousands, except per share
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
    2008     2007     2008     2007  
Interest Income:
                               
Loans and leases, including fees
  $ 52,211     $ 53,726     $ 106,257     $ 106,440  
Investment securities:
                               
Taxable
    22,430       21,717       43,306       44,810  
Tax-advantaged
    7,111       7,305       14,299       14,536  
 
                       
Total investment income
    29,541       29,022       57,605       59,346  
Dividends from FHLB Stock
    1,205       967       2,299       2,105  
Federal funds sold & Interest-bearing CDs with other institutions
    12       14       27       20  
 
                       
Total interest income
    82,969       83,729       166,188       167,911  
Interest Expense:
                               
Deposits
    8,537       17,928       20,816       35,086  
Borrowings and junior subordinated debentures
    25,949       27,518       52,760       54,778  
 
                       
Total interest expense
    34,486       45,446       73,576       89,864  
 
                       
Net interest income before provision for credit losses
    48,483       38,283       92,612       78,047  
Provision for credit losses
    3,000             4,700        
 
                       
Net interest income after provision for credit losses
    45,483       38,283       87,912       78,047  
Other Operating Income:
                               
Service charges on deposit accounts
    3,807       3,211       7,552       6,487  
Trust and investment services
    1,975       1,747       3,888       3,698  
Gain on sale of investment securities
                       
Other
    2,920       2,638       5,403       5,309  
 
                       
Total other operating income
    8,702       7,596       16,843       15,494  
Other operating expenses:
                               
Salaries and employee benefits
    15,501       13,583       31,044       27,655  
Occupancy
    3,080       2,345       5,951       4,750  
Equipment
    2,019       1,815       3,668       3,550  
Professional services
    1,874       1,587       3,415       2,691  
Amortization of intangible assets
    898       588       1,796       1,177  
Provision for unfunded commitments
    1,000             1,250        
Other
    6,006       4,927       11,653       10,922  
 
                       
Total other operating expenses
    30,378       24,845       58,777       50,745  
 
                       
Earnings before income taxes
    23,807       21,034       45,978       42,796  
Income taxes
    6,655       5,080       12,642       11,700  
 
                       
Net earnings
  $ 17,152     $ 15,954     $ 33,336     $ 31,096  
 
                       
Basic earnings per common share
  $ 0.21     $ 0.19     $ 0.40     $ 0.37  
 
                       
Diluted earnings per common share
  $ 0.21     $ 0.19     $ 0.40     $ 0.37  
 
                       
 
                               
Cash dividends per common share
  $ 0.085     $ 0.085     $ 0.17     $ 0.17  
 
                       

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
                                 
    Three months ended June 30,     Six months ended June 30,  
    2008     2007     2008     2007  
Interest income — (Tax-Effected) (te)
  $ 85,856     $ 86,184     $ 171,988     $ 172,796  
Interest Expense
    34,486       45,446       73,576       89,864  
 
                       
Net Interest income — (te)
  $ 51,370     $ 40,738     $ 98,412     $ 82,932  
 
                       
 
                               
Return on average assets
    1.07 %     1.07 %     1.06 %     1.04 %
Return on average equity
    14.85 %     16.04 %     14.88 %     15.74 %
Efficiency ratio
    56.06 %     54.15 %     56.11 %     54.25 %
Net interest margin (te)
    3.43 %     2.92 %     3.34 %     2.97 %
 
                               
Weighted average shares outstanding
                               
Basic
    83,105,378       83,489,680       83,128,353       83,691,851  
Diluted
    83,478,290       84,143,533       83,456,005       84,213,269  
Dividends declared
  $ 7,058     $ 7,234     $ 14,151     $ 14,333  
Dividend payout ratio
    41.14 %     45.34 %     42.45 %     46.09 %
 
                               
Number of shares outstanding-EOP
    83,221,358       84,603,880                  
Book value per share
  $ 5.22     $ 4.67                  
                 
    June 30,  
    2008     2007  
Non-performing Assets (dollar amount in thousands):
               
Non-accrual loans
  $ 12,337     $ 806  
Loans past due 90 days or more and still accruing interest
           
Restructured loans
           
Other real estate owned (OREO), net
    1,137        
 
           
Total non-performing assets
  $ 13,474     $ 806  
 
           
Percentage of non-performing assets to total loans outstanding and OREO
    0.38 %     0.02 %
 
               
Percentage of non-performing assets to total assets
    0.21 %     0.01 %
 
               
Non-performing assets to allowance for loan losses
    36.11 %     2.66 %
 
               
Net Charge-off (Recovered) to Average loans
    0.01 %     0.01 %
 
               
Allowance for Credit Losses:
               
Beginning Balance
  $ 33,049     $ 27,737  
Total Loans Charged-Off
    (685 )     (216 )
Total Loans Recovered
    246       52  
 
           
Net Loans Recovered
    (439 )     (164 )
Acqusition of First Coastal Bank
    0       2,671  
Provision Charged to Operating Expense
    4,700        
 
           
Allowance for Credit Losses at End of period
  $ 37,310     $ 30,244  
 
           

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
Quarterly Common Stock Price
                                                 
    2008   2007   2006
Quarter End   High   Low   High   Low   High   Low
March 31,
  $ 11.20     $ 8.45     $ 13.38     $ 11.42     $ 15.60     $ 14.71  
June 30,
  $ 12.10     $ 9.44     $ 12.40     $ 10.63     $ 15.59     $ 13.25  
September 30,
                  $ 12.71     $ 9.51     $ 14.24     $ 12.83  
December 31,
                  $ 11.97     $ 9.98     $ 14.13     $ 12.83  
Quarterly Consolidated Statements of Earnings
                                         
    2Q     1Q     4Q     3Q     2Q  
    2008     2008     2007     2007     2007  
Interest income
                                       
Loans, including fees
  $ 52,211     $ 54,046     $ 56,692     $ 58,677     $ 53,726  
Investment securities and federal funds sold
    30,758       29,173       28,794       29,203       30,003  
 
                             
 
    82,969       83,219       85,486       87,880       83,729  
 
                                       
Interest expense
                                       
Deposits
    8,537       12,278       15,766       18,445       17,928  
Other borrowings
    25,949       26,811       28,333       27,727       27,518  
 
                             
 
    34,486       39,089       44,099       46,172       45,446  
 
                                       
Net interest income before provision for credit losses
    48,483       44,130       41,387       41,708       38,283  
Provision for credit losses
    3,000       1,700       4,000              
 
                             
Net interest income after provision for credit losses
    45,483       42,430       37,387       41,708       38,283  
 
                                       
Non-interest income
    8,702       8,140       7,968       7,863       7,596  
Non-interest expenses
    30,378       28,399       27,441       27,218       24,845  
 
                             
Earnings before income taxes
    23,807       22,171       17,914       22,353       21,034  
Income taxes
    6,655       5,987       4,547       6,232       5,080  
 
                             
Net earnings
  $ 17,152     $ 16,184     $ 13,367     $ 16,121     $ 15,954  
 
                             
 
                                       
Basic earning per common share
  $ 0.21     $ 0.19     $ 0.16     $ 0.19     $ 0.19  
Diluted earnings per common share
  $ 0.21     $ 0.19     $ 0.16     $ 0.19     $ 0.19  
 
                                       
Cash dividends per common share
  $ 0.085     $ 0.085     $ 0.085     $ 0.085     $ 0.085  
 
                                       
Dividends Declared
  $ 7,058     $ 7,093     $ 7,069     $ 7,067     $ 7,234  

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Distribution of Loan Portfolio
                                         
    6/30/2008     3/31/2008     12/31/2007     9/30/2007     6/30/2007  
Commercial and Industrial
  $ 424,515     $ 386,274     $ 365,214     $ 345,697     $ 334,968  
Real Estate:
                                       
Construction
    333,303       318,549       308,354       307,506       310,390  
Commercial Real Estate
    1,851,123       1,822,610       1,805,946       1,775,812       1,768,539  
SFR Mortgage
    351,120       356,415       365,849       363,765       358,347  
Consumer
    57,380       57,554       58,999       62,979       64,083  
Municipal lease finance receivables
    163,459       153,270       156,646       143,399       143,316  
Auto and equipment leases
    53,121       54,795       58,505       58,958       55,151  
Dairy and Livestock
    293,133       254,156       387,488       265,806       280,114  
 
                             
Gross Loans
    3,527,154       3,403,623       3,507,001       3,323,922       3,314,908  
Less:
                                       
Deferred net loan fees
    (10,911 )     (11,431 )     (11,857 )     (12,173 )     (11,635 )
Allowance for credit losses
    (37,310 )     (34,711 )     (33,049 )     (30,428 )     (30,244 )
 
                             
Net Loans
  $ 3,478,933     $ 3,357,481     $ 3,462,095     $ 3,281,321     $ 3,273,029  
 
                             

 


 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Non-Performing Assets & Delinquency Trends
                         
    June 30,     March 31,     December 31,  
    2008     2008     2007  
Non-Performing Loans
                       
Construction
  $ 9,802     $ 1,535     $ 1,137  
Commercial
    551       19        
Mortgage
    1,672       1,153       298  
Consumer
    312              
 
                 
Total
  $ 12,337     $ 2,707     $ 1,435  
 
                 
 
                       
% of Total Loans
    0.35 %     0.08 %     0.04 %
 
                       
Past Due 30+ Days
                       
Construction
  $     $ 768     $  
Commercial
    483       15,709       1,713  
Mortgage
    483       1,180       460  
Consumer
          533       26  
 
                 
Total
  $ 966     $ 18,190     $ 2,199  
 
                 
 
                       
% of Total Loans
    0.03 %     0.53 %     0.06 %
 
                       
OREO
                       
Construction
  $ 1,137     $ 1,137     $  
 
                 
Total
  $ 1,137     $ 1,137     $  
 
                 
 
                       
 
                 
Total Non-Performing, Past Due & OREO
  $ 14,440     $ 22,034     $ 3,634  
 
                 
 
                       
% of Total Loans
    0.41 %     0.65 %     0.10 %